As a valued customer of The Home Depot, we believe it is important to help you understand and navigate upcoming changes that will be impacting the credit industry. You've likely heard about some of these changes that are a result of the recent passage of the Credit Card Accountability, Responsibility and Disclosure Act (The Credit CARD Act) and related regulatory changes. These changes, most of which will take effect in February, 2010, will apply to all consumer credit card products, including cards issued through retailers like The Home Depot. That's why we're providing information, education, and support to help you stay informed and maintain healthy credit in this ever-changing economic environment
Changes will be noticed in a few key areas, including: 1) promotional offers, 2) statement design and 3) payment allocation. As implementation of these changes draws closer, we will provide more detail on this site, so please check back for additional information. For a summary of additional changes under the Credit CARD Act please go to www.newcreditcardlaws.citicards.com.
No. Any and all minimum monthly payments on your account will be added together and will be due together as a single payment on the same due date each month.
The Minimum Payment Due is calculated as follows - the past due amount is added to any additional amount specified in a promotional offer, then the largest of the following is added:
The Calculated New Balance equals the New Balance on the billing statement less any balances subject to either of two types of promotional terms. The first type are terms that do not require a minimum payment. The second type are terms that require an additional amount as part of the Minimum Payment Due. The Minimum Payment Due is never more than the Calculated New Balance plus any additional amount required by a promotional offer. In calculating the Minimum Payment Due, certain fees added to your account during the billing cycle may be subtracted from the New Balance.
If you miss a required minimum payment, your account may be subject to a late fee per your Card Agreement. In addition, if you miss several consecutive payments you may lose the 'No Interest' benefit of your promotion and you will be notified if this is the case.
The minimum payment requirement for consumer credit card products that offer 'No Interest' promotions is now required by law.
Effective February 22, 2010, the 'No Interest' promotions will include the following types of offers:
These promotional offers will include a minimum monthly payment requirement which will be included as part of the minimum payment due each month.
The regulatory change will have some impact on the way your payment is applied. Any amount paid in excess of your minimum payment due each month will be paid to your high interest balance first. In many / most cases, this is consistent with how your payments have always been applied. Additionally, there is a new exception in the 2-3 billing cycles at the end of a deferred interest promotion. During this time we will apply any payment in excess of your minimum payment due to your expiring promotion. This will ensure you continue to have the best opportunity to pay your promotional balances before expiration.
Read FAQ's About How Payments will be Applied Under the new Regulations
For more specific information on the new laws, visit these web sites:
You can continue to access your account online at myhomedepotaccount.com.